Scarinci Hollenbeck, LLC
The Firm
201-896-4100 info@sh-law.comFirm Insights
Educate The Executor to Avoid Wealth Transfer Issues
Author: Scarinci Hollenbeck, LLC
Date: January 30, 2013
Key Contacts
Back
Steering Clear of Wealth Transfer Dilemmas
The estate planning is a multi-layered process that requires individuals and business owners to be well-versed on tax law, wealth building and transferring assets to beneficiaries. However, an often-overlooked planning component involves making sure that executors are also educated on the process and able to meet a person’s wishes.
An executor is a person responsible for properly carrying out the terms set forth in the will. This is not always an easy process when dealing with complex estate issues, such as debt, taxes, considerable wealth and assets and trusts. To ensure that wealth is effectively passed on to beneficiaries without issues, it’s important that individuals ensure their executor is informed. This includes disclosing their financial condition, including outstanding debts.
A common problem than often arises is failing to inform executors about the location of important paperwork and documents they will need to carry out the policyholder’s wishes, Fox Business reports. As a result, paying creditors, resolving tax issues and distributing wealth to heirs can be delayed. To avoid these issues, individuals are encouraged to set up a meeting with their executor whether it’s a spouse, family attorney or relative to identify assets and accounts and provide any security information they may need.
Lastly, it’s important for those with significant assets to assign some assistance to executors, such as an attorney or accountant. Executors who face a complex estate may be more likely to make mistakes that can lead to tax issues, personal liability or probate problems. Ensuring the executor has a professional to consult can mitigate these risks and ensure wealth is passed on to heirs quickly and efficiently.
- Practices: Sophisticated Estate Planning & Wealth Preservation, Tax and Trusts & Estates
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
When Are New Jersey Business Owners Personally Liable for Corporate Debt?
New Jersey personal guaranty liability is a critical issue for business owners who regularly sign contracts on behalf of their companies. A recent New Jersey Supreme Court decision provides valuable guidance on when a business owner can be held personally responsible for a company’s debt. Under the Court’s decision in Extech Building Materials, Inc. v. […]
Author: Charles H. Friedrich
Commercial Real Estate Trends to Watch in 2026
Commercial real estate trends in 2026 are being shaped by shifting economic conditions, technological innovation, and evolving tenant demands. As the market adjusts to changing interest rates, capital flows, and workplace models, investors, owners, tenants, and developers must understand how these trends are influencing opportunities and risk in the year ahead. Overall Outlook for Commercial […]
Author: Michael J. Willner
One Big Beautiful Bill: New Tip Income Tax Rules Employers & Workers Need to Know
Part 2 – Tips Excluded from Income Certain employees and independent contractors may be eligible to deduct tips from their income for tax years 2025 through 2028 under provisions included in the One Big Beautiful Bill. The deduction is capped at $25,000 per year and begins to phase out at $150,000 of modified adjusted gross […]
Author: Scott H. Novak
One Big Beautiful Bill: New Overtime Tax Rules Employers and Employees Need to Know
Part 1 – Overtime Pay and Income Tax Treatment Overview This Firm Insights post summarizes one provision of the “One Big Beautiful Bill” related to the tax treatment of overtime compensation and related employer wage reporting obligations. Overtime Pay and Employee Tax Treatment The Fair Labor Standards Act (FLSA) generally requires that overtime be paid […]
Author: Scott H. Novak
New York’s FAIR Business Practices Act: What the New Consumer Protection Measure Means for Your Business
In 2025, New York enacted one of the most consequential updates to its consumer protection framework in decades. The Fostering Affordability and Integrity through Reasonable Business Practices Act (FAIR Act) significantly expands the scope and strength of New York’s long-standing consumer protection statute, General Business Law § 349, and alters the compliance landscape for New York […]
Author: Dan Brecher
How to Reduce Legal Risk as Your New Jersey Business Grows in 2026
For many New Jersey businesses, growth is a primary objective for the New Year. However, it is important to recognize that growth involves both opportunity and risk. For example, business expansion often results in complex contracts, an increased workforce, new regulatory requirements, and heightened exposure to disputes. Without proactive planning, even routine growth can lead […]
Author: Ken Hollenbeck
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.